Preliminary Plans for Lake Highlands Town Center Unveiled
DALLAS, March 21 /PRNewswire/ — Developer Prescott Realty Group unveiled its preliminary plans for Lake Highlands Town Center at a townhall meeting convened by Dallas City Councilman Bill Blaydes Tuesday evening, March 20, 2007. Approximately 300 people participated in the meeting, representing neighboring home owner associations, area business owners, residents and school officials.
Lake Highlands Town Center will be a unique, mixed use transit oriented development (TOD) with 1.7 to 2.0 million square feet of retail, residential and office uses. The proposed Lake Highlands DART light rail station will be located at the northeast corner of the development. Structured public parking for DART riders, the “kiss and ride” drop-off, van pools and bus bays are also part of the proposed public improvements at Lake Highlands Town Center.
Developer Prescott Realty presented its plans to make Lake Highlands Town Center a landmark destination with numerous public improvements and amenities that will not only enhance surrounding property values, but will also provide a focal point for the entire Lake Highlands community. A hike and bike trail will run the length of the site alongside the proposed creeks, lakes and park areas and will ultimately connect to White Rock Lake to the south. A pedestrian friendly “Main Street” promenade will be lined with shopping, dining and entertainment venues, all of which will be accessible via convenient on-street parking. Outdoor concerts and live theater performances will be possible in the proposed outdoor amphitheater overlooking beautifully landscaped green spaces. Tree lined streetscapes and sidewalks and restaurants overlooking the lakes will create a sense of place for people to meet and stay.
“The proposed Lake Highlands Town Center is possible as a result of an unprecedented public/private partnership spurred by the visionary leadership of Dallas Councilman Bill Blaydes,” said Vance Detwiler, managing director and principal of Prescott Realty Group, developer of Lake Highlands Town Center.
“Mr. Blaydes worked tirelessly to bring together all the public sector interests necessary to create the Skillman Corridor Tax Increment Financing (TIF) District which enables Prescott Realty to add strong private sector development and financing to bring to life the vision for Lake Highlands Town Center,” Mr. Detwiler added.
Mr. Detwiler explained that funding from public entities including the Skillman Corridor TIF is essential, due to the center’s significant planned public spaces and the site’s required demolition, dirt work and infrastructure. He noted that some funding has already been approved and more is under consideration from public entities such as the City of Dallas (infrastructure support in City bond package), DART (light rail station funding) and infrastructure funding support from Dallas County, Richardson Independent School District and the North Texas Council of Governments.
“If various approvals proceed as anticipated, the project’s first phase — demolition, dirt work and infrastructure improvements — is expected to require 18-to-24 months to complete,” Mr. Detwiler noted. “Phase two, including the construction of the residential, for-sale housing, office and retail, should follow completion of Phase One by an additional 12-to-18 months.”
About TIF Districts
TIF districts are created to improve blighted or underdeveloped areas by leveraging public funds with private sector participation in order to increase property values and quality of life while boosting future tax revenues.
About Prescott Realty Group
Prescott Realty Group, developer of Lake Highlands Town Center, specializes in development of mixed-use, urban infill projects and infrastructure rich settings. Other current transit oriented developments include Mockingbird Central, a 20-acre urban infill project in Dallas just north of Mockingbird Station.
Prescott has worked successfully with several urban TIFs including State Thomas, Downtown Fort Worth, as well as Dallas City Center which led to private development in the targeted area and increased property values by approximately $630 million.
Prescott’s active residential projects in the Dallas area include The Stoneleigh Hotel and Residences, Regent’s Park and Newton townhouses in Uptown. Current commercial projects include the 6060 North Central Expressway building and Walnut Glen Tower. (http://www.prescottrealtygroup.com/ )
Prescott Realty Group
CONTACT: media, Cynthia Pharr of Pharr & Company, +1-972-931-7576,ext. 24, or Cynthia@pharrpr.com , for Prescott Realty Group
Web site: http://www.prescottrealtygroup.com/